The Flex Benefit Plan allows you to set aside dollars each year from your paycheck to pay for qualified health expenses. These dollars are deducted from your wages before any income or social security taxes are paid. By using this tax savings plan, you will not only notice an increase in your take home pay, you will also have access to a reimbursement account throughout the year to pay your qualified expenses.
If you decide to enroll in the Flexible Spending Account, you must determine your anticipated expenses for the year. If you do not use all of your contribution amount during the plan year (January 1 through March 15 of the following year), federal regulations require that remaining funds may not be refunded to individual employees.
Once you have made your Flexible Spending Account election for the plan year, you may only change your election amount within 30 days of a family status change. The IRS specifically defines a family status change as:
- divorce or legal separation,
- death of your spouse or dependent,
- birth or adoption of a child,
- change in child custody, or
- change in your or your spouse's employment status.
Participation in the spending accounts does not carry forward from year to year. You must re-enroll each year during the open enrollment period. Information about FSA open enrollment is sent to each employee in October. New enrollments are effective January 1st.
To enroll, or to make a modification, due to a family status change, send an email to email@example.com requesting the appropriate forms. Then return the completed form(s) to Human Resource Services Office, 027 Gilchrist, 0034.